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Women’s World Banking Announces its First Loan Guarantee in Asia
February 10, 2010

NEW YORK, February 10, 2010 (Womens World Banking) – Women’s World Banking, the largest global network of leading microfinance institutions and banks dedicated to the economic empowerment of women, today announced its first ever loan guarantee in Asia to support a $1.6 million loan by Standard Chartered Bank Philippines to WWB network member, CARD Bank. WWB pledged $500,000, which was leveraged more than three times, in its latest effort to promote the responsible entry of commercial capital into the microfinance sector, spurring the development of the microfinance industry and enhancing efforts to provide basic financial services to millions of poor men and women around the world.
The loan, given by Standard Chartered Bank, is the bank’s first microfinance loan in Southeast Asia. It also marks the first time CARD Bank has received a commercial loan from a foreign bank.
“The commercial banking sector has a tremendous opportunity to expand their markets while making a real impact in the lives of so many poor around the world,” said WWB president and CEO Mary Ellen Iskenderian. “Through this bold effort, Women’s World Banking and Standard Chartered Bank are sending a strong signal to the rest of the commercial banking industry that an investment in microfinance is not only an investment in the future, but a sound business practice.”
Standard Chartered’s Global Head of Microfinance, Prashant Thakker, added, “As a bank our commitment to the microfinance sector is clear. We continue to provide financial services to the sector because of its impact on economic growth. This loan is important to us as it is Standard Chartered’s first microfinance loan in the Philippines and in Southeast Asia. There is a vast opportunity in the region to support microfinance institutions and help them increase outreach and impact. We look forward to continuing to work with WWB and increasing our support to the sector in the future.”
CARD Bank is one of the largest MFIs in the Philippines, with about 360,000 active borrowers and assets of $44 million. Almost all of CARD’s clients are women who live below the poverty line in rural parts of the country, and the majority of its banking services are especially designed for landless rural workers.

About Women’s World Banking (WWB)

WWB is a leading global network of 40 microfinance providers and banks, working in 28 countries to bring financial products and services to low-income entrepreneurs, especially women. The network is supported by an international team of experts based in New York who deliver expertise in product design and distribution, access to capital markets, and customer care and insight. The network serves over 20 million micro-entrepreneurs. For more information on WWB, please visit its website at www.womensworldbanking.org

About Standard Chartered Bank

Standard Chartered PLC, listed on both the London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.

Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.

For more information on Standard Chartered, please visit: www.standardchartered.com

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